Weekly Mobile Sports Wagering Handle Slumps To $219 Million

Sports wagering handle dips but revenue climbs in New York
New York June 26 revenue report
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The New York State Gaming Commission reported nearly $219 million in mobile sports wagering handle for the week ending June 26, as the lighter summer sports schedule produced the lowest volume since January’s launch.

Though the amount is well less than half the all-time high of $572.6 million in the third week of January, it would still rank ninth nationally among states that have reported May handle to date. The $218.9 million wagered represents a 17.6% week-over-week drop from the $265.5 million reported for the week ending June 19.

Despite the drop in handle, weekly operator income jumped 14.2% to $15.8 million as the win rate climbed more than two full percentage points to 7.2%. All eight operators generated revenue after Caesars, WynnBET, and Resorts World posted losses for the week ending June 19. Revenue for the week ending June 26 provided slightly less than $8.1 million in tax receipts, and the state has now collected more than $300 million in mobile tax revenue since launch.

Still undetermined is whether New York generated enough handle to extend its streak of five straight $1 billion months. The week-by-week reports furnished by the NYSGC show handle currently $3.5 million over that benchmark, but the first week of numbers includes the final two days of May. The monthly report will include the final four days of June and figures from the four commercial retail sportsbooks.

Two things settled when the June monthly report lands are New York will be the sixth state to surpass $8 billion in all-time handle, which it has already done at more than $8.4 billion in mobile handle, and also pass Indiana into fifth place in the post-PASPA era after both states release figures. The Hoosier State generated close to $8.1 million in wagers from its launch in September 2019 through May 2022, but New York is expected to outpace Indiana by more than the $193.5 million currently separating the states.

FanDuel narrowly extends nine-figure handle streak

FanDuel‘s handle of $101.5 million was its lowest since the first report in January, but it was still just enough to extend its streak of nine-figure handles to 24 weeks. The $7.8 million in winnings, which accounted for nearly half of New York’s overall revenue, came from a 7.7% hold.

DraftKings more than tripled its income compared to the previous week, to close to $3.7 million, despite its handle slipping close to 20% to $52.9 million. Like its eternal rival, the handle was its lowest amount since the initial report provided by the NYSGC.

Caesars Sportsbook was the only other mobile operator to clear $2 million in revenue, as it bounced back strongly from the nearly $1 million loss it absorbed last week. It claimed $2.2 million in winnings from $33.1 million wagered, for a 6.8% hold.

Other assorted notes

PointsBet claimed honors for the top win rate at 12.1%, the fifth time in seven weeks it reached double figures. It claimed $414,115 from $3.4 million bet. On the other end of the spectrum, Resorts World narrowly avoided its fourth weekly loss in the last five, coming out just $10,817 ahead on close to $1.6 million handle.

BetMGM surpassed $750 million in overall handle since launch by accepting $19.6 million in bets. It reported nearly $1.3 million in winnings for a 6.9% hold.

BetRivers cleared a more modest benchmark of $200 million in total handle and took close to $325,000 in winnings from $5.3 million in wagers. WynnBET also had a challenging week versus the public, finishing with a 2.8% win rate and claiming less than $45,000 in revenue from nearly $1.6 million bet.

Photo: Shutterstock

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